Answers to Marketing Questions Essay
Answers to Marketing Questions
1. Is the marketing concept short-term oriented?
More Essay Examples on Marketing Rubric
According to William Pride and O.C - Answers to Marketing Questions Essay introduction. Ferrell, marketing refers to “the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment” (2008). Because it is a ‘process’, it can be short-term or long-term depending on the basic objective of using the four marketing mix that are product, distribution, promotion, and pricing. The main goal is to develop satisfaction among the customers. However, to make sure that the company would enjoy a more abundant future, it is best to apply the concept of marketing using the long-term aspect, so that the profits would be in long-term as well. It is a continuous long-term process made up of objectives that are designed as short-term that, when joined altogether, becomes long-term.
2. Is the Boston Consulting Group’s market-growth/market-share matrix a good strategic planning tool?
According to Chapter 2 of Pride & Ferrell’s book, the Boston Consulting Group’s market-growth / market-share matrix “integrates a firm’s products or SBUs into a single, overall matrix for evaluation to determine appropriate strategies for individual products and business units” (2008). Because it joins together the products and strategic business units in the process of evaluating the external and internal environments, it is a good strategic planning tool in the light that, it is able to determine which priorities should be implemented, as reflected in the unit’s product portfolio. As stated in ValueBasedManagement.net (2008), there should be high-growth products and low-growth products for long-term profits, since the former leads to a lot of cash inputs, while the latter leads to a lot of cash outputs. With the two dimensions of market share and market growth, the company is likely to enjoy long-term profit, since an increase in the market share leads to an increase in the market growth.
BCG matrix product portfolio method, The. (2008). Retrieved August 27, 2008, from http://www.valuebasedmanagement.net/methods_bcgmatrix.html.
Pride, W. M., & Ferrell, O. C. (2008). Chapter 1 Summary. Marketing (14th ed.). Retrieved August 27, 2008, from the South-Western Cengage Learning database: http://college.cengage.com/business/pride/marketing/14e/assets/students/chsummary/summary1.html.
Pride, W. M., & Ferrell, O. C. (2008). Chapter 2 Summary. Marketing (14th ed.). Retrieved August 27, 2008, from the South-Western Cengage Learning database: http://college.cengage.com/business/pride/marketing/14e/assets/students/chsummary/summary2.html.